Jeff Bezos and the imagination of capitalism. @JohnTamny

Aug 13, 12:35 AM

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(Photo:Defense Secretary Ash Carter, left, meets with Amazon CEO and founder Jeff Bezos in Seattle, March 3, 2016. DoD photo by Navy Petty Officer 1st Class Tim D. Godbee )

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Jeff Bezos and the imagination of capitalism. @JohnTamny

https://www.realclearmarkets.com/articles/2018/08/09/despitewhatannielowreytellsyoujeffbezosswealthisasignofprogress103383.html

Writing about Jeff Bezos's fortune, Atlantic contributor editor Annie Lowrey sadly concluded last week that “[I]n some ways, we gave it to him.” She'll eventually want those words back. She can't really believe that the feds or the taxpayers made Amazon possible. It's a sign she just doesn't know. She probably doesn't realize how many times Amazon's stock corrected in double-digit fashion given investor uncertainty about its ability to ever turn a profit. She probably also doesn't know that shares corrected down to the single digits after 9/11, and that Amazon nearly imploded with much of the rest of the internet economy not too long before that. If we somehow "gave" Bezos his success, did we also give him years of uncertainty about whether Amazon would survive at all? Lowrey must be wholly unaware of where Amazon came from, because if she were she never would have published what she did last week. The opinion piece can be found here.